Tuesday, January 11, 2022

RECORD MONTH! - DECEMBER '21 REAL ESTATE UPDATE

   





**COMING SOON - 2021 YEAR-END REPORT**

2021 ended with a BANG with Hoboken posting the fastest pace of sales since I started tracking data in 2009 and downtown Jersey City posting VERY strong numbers as well.

For the last few years December has always surprised me as far as activity goes.  This year was no exception.


Hoboken


The absorption rate decreased to a record 3.91 weeks which means if no inventory came on the market today, it would only take 3.91 weeks to sell out the existing inventory. Amazing!

Pending sales dipped to 152 units

Total sales increased to 110 units, bolstered by the pending sales over the last few months and the fact that people want to close by the end of the year for tax purposes.

Days on the market increased dropped 1 day to 33.


1BR pricing increased 2.14% to $746.62/sq.ft. 

2BR pricing decreased 3.39% to $707.49/sq.ft.

3BR pricing decreased 8.99% to $841.20/sq.ft.

4BR pricing decreased 30.39% to $688.89/sq.ft. (this was just 1 sale)



Downtown Jersey City

The absorption rate decreased 46.27% to 9.21 weeks.  It's still a few weeks away from all-time lows.  The last time we saw absorption rates this low was in August, 2017.

Pending sales decreased by 24.26% to 128 units.

Days on the market increased 7 days to 44.


1BR pricing decreased 1.17% to $863.10/sq.ft.

2BR pricing decreased 1.85% to $767.70/sq.ft.

3BR pricing decreased 4.14% to $699.25/sq.ft.


Happy Hunting!






Kevin G. Dowd
Broker of Record

100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600 
Each office is independently owned and operated.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com





Tuesday, December 7, 2021

Wow! November Real Estate Update | Hoboken & Downtown Jersey City

  


The market showed solid performance in November, with the pace of sales staying at record levels for Hoboken and pending sales increasing in downtown Jersey City.

We are still seeing strong activity in November and even well into December. I've noticed this trend over the last few years.  


Hoboken


The absorption rate decreased to 6.75 weeks which is the lowest we've seen in almost 5 years.

Pending sales dipped to 206 units which is just below our all time record of 212 units.

Total sales increased to 88 units, bolstered by the pending sales over the last few months.

Days on the market increased decreased to 34 days.


1BR pricing dropped 1.11% to $731.01/sq.ft. 

2BR pricing decreased 2.03% to $732.31/sq.ft.

3BR pricing decreased 5.07% to $771.83/sq.ft.

4BR pricing decreased 5.99% to $989.60/sq.ft.



Downtown Jersey City

The absorption rate increased to 31.85% to 17.14 weeks, but still down 39.05% when compared to the same time last year.  

Pending sales increased by 12.67% to 169 units.

Days on the market increased 12 days to 51.


1BR pricing increased 13.80% to $873.32/sq.ft.

2BR pricing increased .15% to $782.17/sq.ft.

3BR pricing decreased -10.88% to $729.47/sq.ft.


Happy Hunting!






Kevin G. Dowd
Broker of Record

100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600 
Each office is independently owned and operated.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com





Tuesday, November 9, 2021

12 Year Anniversary! | Hoboken and Downtown Jersey City Real Estate Report

 





It's been 12 years since I started tracking data in Hoboken and downtown Jersey City.  The graphic directly above is the stat report from my first post in October 2009.  It's interesting to see pricing from 12 years ago.  Also take a look at the average days on the market.  110 days for Hoboken!  95 days for downtown Jersey City! 

How things have changed around here.

Now, on to the October 2021 stats.



Hoboken


The absorption rate increased to 12.48 weeks.  It's still very much in seller's market territory, but it has been creeping up over the last few months.

Pending sales increased to 212 units, which is the highest October number I've recorded since I began tracking data 12 years ago!

Total sales dropped another 20 units to 86, but that number will increase over the next few months as the pending sales start to close.

Days on the market increased 9 days to 40.


1BR pricing dropped 1.24% to $739.22/sq.ft. 

2BR pricing increased 5.45% to $747.49/sq.ft.

3BR pricing increased .69% to $813.07/sq.ft.

4BR pricing increased 14.57% to $1052.63/sq.ft.

Interesting to note that the 4BR condo market didn't even exist in 2009.


Downtown Jersey City

The absorption rate decreased to 24.68% to 13 weeks, but still down 51.16% when compared to the same time last year.  Inventory in the downtown area is still moving quickly in the downtown area.

Pending sales dropped by 10.18% to 150 units.

Days on the market increased 5 days to 39.


1BR pricing increased .96% to $767.40/sq.ft.

2BR pricing increased .82% to $781.01/sq.ft.

3BR pricing decreased 11.97% to $818.54/sq.ft.

It's nice to see pricing increase in all categories in downtown Jersey City.

Happy Hunting!






Kevin G. Dowd
Broker of Record

100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600 
Each office is independently owned and operated.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com





Wednesday, October 13, 2021

🏠🔥September Real Estate Report | Hoboken/Downtown Jersey City 🔥🏠

      





The fall selling season is finally here.  Buyers are out there looking for a home that they can hopefully purchase before the end of the year to take advantage of 2021 tax write offs.  

The market is still showing strength with low inventories, favorable interest rates and strong demand.



Hoboken

The absorption rate bumped up 59.10% to 10.23 weeks for September and is still firmly entrenched in seller's market territory.  The market is moving substantially better than this time last year.

Pending sales were stable at 186 units which should be used to keep the absorption rate low through the end of 2021.

Total sales dropped another 28.33% to 86 units.

Days on the market dropped 1 day to 31 days.


1BR pricing dropped 5.65% to $748.52/sq.ft. 

2BR pricing dropped 5.64% to $708.88/sq.ft.

3BR pricing increased 11.01% decrease to $807.51/sq.ft.


Interesting to note that 4BR pricing increased 12.16% to 918.78/sq.ft. and is up 32.19% from this time last year.  


Downtown Jersey City

The absorption rate increased 19.12% to 17.26 weeks, but still down 48.90% when compared to the same time last year.  This shows that inventories are moving faster now than they were last year.

Pending sales increased by 6.37% to 167 units.

Days on the market dropped 4 days to 34, but surprisingly is up 17.24% from the same time last year.

1BR pricing decreased 1.71% to $760.07/sq.ft.

2BR pricing increased 12.25% to $774.63/sq.ft.

3BR pricing decreased 10.14% to $731.04/sq.ft.

Remember, 3BR pricing is always a bit volatile in downtown Jersey City because there aren't many 3BR sales each month.

Happy Hunting!







Kevin G. Dowd
Broker of Record

100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600 

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com


Friday, September 10, 2021

The Rally Continues | August Real Estate Update

     





The market performed well again in August with all indicators pointed towards a strong market as we enter into the fall selling season.


Hoboken

The absorption rate for Hoboken dropped to its lowest rate in since December 2016 at 6.43 weeks as lower inventories were met with strong demand. 

Pending sales dropped by 17.19% which will affect the absorption rate in 2-3 months.

Total sales dropped 10.45% to 120 units.

Days on the market increased to 32 days which is up 23.08% from last month.


1BR pricing increased 6.14% to $793.32/sq.ft. (highest since January 2020)

2BR pricing increased .92% to $751.22/sq.ft. (highest since March 2020)

3BR pricing saw a 3.41% decrease to $727.43/sq.ft.


Downtown Jersey City

The absorption rate increased 13.65% to 14.49 weeks, but still down 46.69% when compared to the same time last year.

Pending sales increased by .64% to 157 units.

Days on the market remained flat at 38 days.

1BR pricing increased .62% to $773.29/sq.ft.

2BR pricing dropped 12.91% to $690.09/sq.ft.

3BR pricing increased 27.03% to $813.54/sq.ft.

Remember, 3BR pricing is always a bit volatile in downtown Jersey City because there aren't many 3BR sales each month.

Happy Hunting!







Kevin G. Dowd
Broker of Record

100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600 

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com


Friday, August 13, 2021

Buyers Continue to Enter The Market | July 2021 Real Estate Report

    



The warm summer months and low interest rates still continue to bring buyers into the market.


Hoboken

Another strong summer month for Hoboken with absorption rates hovering around the 7 week mark.  This indicates a very strong paces of sales.

Pending sales dropped by 19.93% which will affect the absorption rate in the upcoming months.

Total sales did bump up 1.52% to 134 units.

Days on the market dropped another two days to 26 which is down 44.68% from last year.

1BR pricing increased 1.28% to $747.43/sq.ft.

2BR pricing dipped .74% to $744.35/sq.ft.

3BR pricing saw a .84% increase to $753.15/sq.ft.

Overall a strong month.



Downtown Jersey City

The absorption rate remained steady at 12.75 weeks, an increase of just 1.35%.  This a decrease of 76.58% when compared to last year.  

This shows you how much faster inventory is moving now.

Pending sales dipped in downtown Jersey City by 17.89% to 156 units which will affect the absorption rate in the next 1-2 months.

Days on the market dropped 8 days down to 38, again a good indicator of the current market strength.

We saw price drops for all categories in downtown Jersey City this month.

1BR pricing dropped 4.58% to $768.49/sq.ft.

2BR pricing dropped 4.43% to $792.41/sq.ft.

3BR pricing dropped 17.31% to $640.31/sq.ft.

Remember, 3BR pricing is always a bit volatile in downtown Jersey City because there aren't that many 3BR sales each month.

A solid performance for July for sure.







Kevin G. Dowd
Broker of Record

100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600 

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com


Friday, July 16, 2021

The Real Estate Market Hasn't Been Like This in a LONG Time | June 2021 Report

   





We saw an even stronger market for June as buyers continue to enter back into the market.

Hoboken

The pace of sales continued again in June with the absorption rate dropping to 7.52 weeks. We haven't seen the market move this fast since August 2017.  March 2020 was a fast month as well, but that was because inventory stopped entering the market, so it was an anomaly.

Days are on the market are the lowest they've been since November 2017.

Prices are also bouncing up against record levels as well.



Downtown Jersey City

The market strengthened for downtown Jersey City as well with the absorption rate dropping to 12.58 weeks which is a level we haven't seen since December 2017.


Pending sales dropped this month by 9.09% to 190 units, but still strong numbers.


Total sales increased 1.25% to 92 units, up 13.58% and at levels we haven't seen since August 2016.


Days on the market bumped up 4.55% to 46 days, but still trending down overall.


2BR units hit $829.14/sq.ft. which are prices we haven't seen since December 2019.

1BR and 3BR performed as well, but not as well at 2BR units.


Overall the market is performing very strongly in Hoboken and downtown Jersey City.  


Low inventory coupled with surging demand is creating a very favorable seller's market.






Kevin G. Dowd
Broker of Record

100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600 

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com